Question about joining an account

Anonymous · ‎02-12-2011

I'm in the process of rebuilding my credit and basically starting from zero. My fiance has offered to join me onto one of her accounts. Which dates back to 04. If i'm joined onto her account would I get the benifit of the 7 years of history, or only begin receiving the good mojo from the time I'm joined? If any one knows, let me know.

Thanks.

Anonymous · ‎02-13-2011

@Anonymous wrote:
I'm in the process of rebuilding my credit and basically starting from zero. My fiance has offered to join me onto one of her accounts. Which dates back to 04. If i'm joined onto her account would I get the benifit of the 7 years of history, or only begin receiving the good mojo from the time I'm joined? If any one knows, let me know.

Thanks.

You would get the good and the bad from the account. If it is all good then it will all be good for you.

If she is thinking of putting you on as an AU on the account you just have to make sure that the credit card reports for AU users, not all do.

RobertEG · ‎02-16-2011

First, you dont really "join" her account. The account contract agreement is solely between the OC and her. YOu cant become a joint account holder with her without a renegotiation of a new, joint acount with the OC.

What you are probably talking about is being added as an "authorized user." The account remains solely hers. She grants you use of the account, but remains solely liable for any defaults. If you get AU status, everthing in her credit report on that account will also show on your CR just as if it were your account.

Getting AU status is not automatic. The OC must consent. Some OCs will only grant AU status to immediate family members.

Anonymous · ‎02-16-2011

Thanks RobertEG, I was actually talking about a joint account as my understanding is that AUs aren't really factored into FICO scoring any more. However perhaps I should just look at this as an opportunity to increase my AAoA, and re-establish a credit history. I've waited out all of my baddies and was a bit late in coming to this forum so am now starting from zero.

If I understand you correctly, if we establish a joint account it would be a brand new account (i.e.. I can not being "joined" onto her existing account) and as such would not provide me with any "history" only new reporting on the new account. Correct?

On the other hand I could become an AU on the existing account and get the benefit of the CL and the AAoA reported onto my CR. Will that be factored into my CS though?

llecs · ‎02-16-2011

@Anonymous wrote:
Thanks RobertEG, I was actually talking about a joint account as my understanding is that AUs aren't really factored into FICO scoring any more. However perhaps I should just look at this as an opportunity to increase my AAoA, and re-establish a credit history. I've waited out all of my baddies and was a bit late in coming to this forum so am now starting from zero.

If I understand you correctly, if we establish a joint account it would be a brand new account (i.e.. I can not being "joined" onto her existing account) and as such would not provide me with any "history" only new reporting on the new account. Correct?

On the other hand I could become an AU on the existing account and get the benefit of the CL and the AAoA reported onto my CR. Will that be factored into my CS though?

AUs are still a part of FICO scoring. There was talk at one point to drop them as others have done (e.g. VantageScore), but somehow FICO managed, IIRC, that some AUs would be dropped if the account holder and the AU aren't related. And again, this is only for FICO08 scores which aren't really being used. I haven't seen posts on these forums about any lenders who use them.

A "joint" account would be a new account. You can't ask to be a joint account holder unless you open a new TL jointly. However, you can ask to be an AU and the full account history, good or bad, would transfer to you as well. If asking to be an AU, make sure that CCC reports AUs.